An automobile insurance company divides customers into three categories, good risks, medium risks, and poor risks. Assume that 70% of the customers are good risks, 20% are medium risks, and 10% are poor risks. Assume that during the course of a year, a good risk customer has probability 0.005 of filing an accident claim, a medium risk customer has probability 0.01, and a poor risk customer has probability 0.025. A customer is chosen at random. a) What is the probability that the customer is a good risk and has filed a claim? b) What is the probability that the customer has filed a claim? c) Given that the customer has filed a claim, what is the probability that the customer is a good risk?

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Q: Under what circumstances it would be helpful to identify the probability of an event

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A:

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.